Federal Income Tax Tables

2018

Mortgage interest up to $750,000 of indebtedness on 1 or 2 residences for mortgages taken out after 12/15/2017

Points on home mortgages

Business interest

Investment interest up to net investment income

Either state or local income taxes or state and local sales taxes plus state and local real property taxes and personal property taxes. Combined deduction for state property and income taxes is limited to $10,000

Medical and dental expenses to the extent that such expenses exceed 7.5% of Adjusted Gross Income

Non-Deductible Interest Expenses

Credit card

Auto loans

Home equity loans

Prepaid interest other than points on home mortgage

Most other consumer loan interest

INCOME TAX BRACKETS

Rate

Single

Married Filing Jointly

Married Filing Separately

Head of Household

Trusts & Estates

10%

$0-$9,525

$0-$19,050

$0-$9,525

$0-$13,600

$0-$2,550

12%

$9,526-$38,700

$19,051-$77,400

$9,526-$38,700

$13,601-$51,800

–

21%

–

–

–

–

–

22%

$38,701-$82,500

$77,401-$165,000

$38,701-$82,500

$51,801-$82,500

–

24%

$82,501-$157,500

$165,001-$315,000

$82,501-$157,500

$82,501-$157,500

$2,551-$9,150

32%

$157,501-$200,000

$315,001-$400,000

$157,501-$200,000

$157,501-$200,000

–

35%

$200,001-$500,000

$400,001-$600,000

$200,001-$300,000

$200,001-$500,000

$9,151-$12,500

37%

$500,001+

$600,001+

$300,001+

$500,001+

$12,501+

PERSONAL EXEMPTION

No longer allowed, beginning in 2018

STANDARD DEDUCTIONS

Single

Married Filing Jointly

Married Filing Separately

Head of Household

$12,000

$24,000

$12,000

$18,000

MODIFIED ADJUSTED GROSS INCOME TAX BASE THRESHOLDS FOR TAXATION OF SOCIAL SECURITY BENEFITS

% Taxed

Single

Married Filing Jointly

Married Filing Separately

Head of Household

50%

$25,000-$34,000

$32,000-$44,000

Depends on whether spouses live together during the tax year

$25,000-$34,000

85%

$34,001+

$44,001+

Depends on whether spouses live together during the tax year

$34,001+

QUALIFIED LTC PREMIUM DEDUCTIBILITY

Age

<40

41-50

51-60

61-70

>70

Amount

$420

$780

$1,560

$4,160

$5,200

2017

SINGLE

Taxable Income

Tax Rate

$0 – $9,325

10%

$9,326 – $37,950

15%

$37,951 – $91,900

25%

$91,901 – $191,650

28%

$191,651 – $416,700

33%

$416,701 – $470,700

35%

$470,701 +

39.6%

Exemptions (Subject to phase out)

Personal Exemption Amount

$4,050

Single phase out AGI1
(for each $2,500 of AGI1 over threshold, exemptions reduce 2%)

$261,500

Standard Deductions

Single

$6,350

Additional Deduction (If Blind or Age 65+)

Single

$1,550

1AGI = Adjusted Gross Income

MARRIED FILING SEPARATELY

Taxable Income

Tax Rate

$0 – $9,325

10%

$9,326 – $37,950

15%

$37,951 – $76,550

25%

$76,551 – $116,675

28%

$116,676 – $208,350

33%

$208,351 – $235,350

35%

$235,351 +

39.6%

Exemptions (Subject to phase out)

Personal Exemption Amount

$4,050

Married Filing Separately phase out 1
(for each $2,500 of AGI1 over threshold, exemptions reduce 2%)

$156,900

Standard Deductions

Married Filing Separately

$6,350

Additional Deduction (If Blind or Age 65+)

Married

$1,250

1AGI = Adjusted Gross Income

MARRIED FILING JOINTLY

Taxable Income

Tax Rate

$0 – $18,650

10%

$18,651 – $75,900

15%

$75,901 – $153,100

25%

$153,101 – $233,350

28%

$233,351 – $416,700

33%

$416,701 – $470,700

35%

$470,701 +

39.6%

Exemptions (Subject to phase out)

Personal Exemption Amount

$4,050

Married Filing Jointly phase out 1
(for each $2,500 of AGI1 over threshold, exemptions reduce 2%)

$313,800

Standard Deductions

Married Filing Jointly

$12,700

Additional Deduction (If Blind or Age 65+)

Married

$1,250

1AGI = Adjusted Gross Income

HEAD OF HOUSEHOLD

Taxable Income

Tax Rate

$0 – $13,350

10%

$13,351 – $50,800

15%

$50,801 – $131,200

25%

$131,201 – $212,500

28%

$212,501 – $416,700

33%

$416,701 – $444,550

35%

$444,551 +

39.6%

Exemptions (Subject to phase out)

Personal Exemption Amount

$4,050

Head of Household phase out 1
(for each $2,500 of AGI1 over threshold, exemptions reduce 2%)

$287,650

Standard Deductions

Head of Household

$9,350

Additional Deduction (If Blind or Age 65+)

Head of Household

$1,550

1AGI = Adjusted Gross Income

TRUSTS & ESTATES

Taxable Income

Tax Rate

$0 – $2,550

15%

$2,551 – $6,000

25%

$6,001 – $9,150

28%

$9,151 – $12,500

33%

$12,501 +

39.6%

DEDUCTIBILITY OF QUALIFIED LTC PREMIUM

Age

40 or less

41-50

51-60

61-70

71+

Amount

$410

$770

$1,530

$4,090

$5,110

The information presented here is not intended to be a comprehensive analysis. Cherry Bekaert Benefits Consulting is a benefits advisory firm and does not provide tax or legal advice. Individuals or Employers should consult with qualified legal and/or tax counsel for guidance in respect of matters of law, tax and related regulation.

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